Dan Schulman

Dan Schulman
Schulman in 2013
Dan Schulman
Born	Daniel H. Schulman 19 1, 1958
Birthplace	Newark, New Jersey, U.S.
Nationality	American
Occupation	Business executive
Title	CEO of Verizon
Known for	Former President and CEO of PayPal
Education	Middlebury College (BA) New York University (MBA)
Children	2
Awards	Fortune Businessperson of the Year (2017), Financial Health Visionary Award

Daniel H. Schulman (born January 19, 1958) is an American business executive who serves as the chief executive officer of Verizon Communications. He is best known for his tenure as president and CEO of PayPal Holdings, Inc., a position he held from 2014 until 2023, during which he oversaw the company's separation from eBay and its growth into one of the world's largest digital payments platforms. Before PayPal, Schulman held senior leadership roles at American Express, Sprint, and Virgin Mobile USA, the latter of which he co-founded and led as its first CEO. A native of Newark, New Jersey, Schulman built his career at the intersection of telecommunications, financial technology, and digital commerce. In October 2025, the Verizon Board of Directors appointed him as CEO, succeeding Hans Vestberg, tasking him with restructuring and revitalizing the telecommunications giant. Throughout his career, Schulman has been recognized for his focus on expanding access to financial services and mobile technology to underserved populations.

Early Life

Daniel H. Schulman was born on January 19, 1958, in Newark, New Jersey. He grew up in the Newark area during a period of significant social and economic change in the city. In a 2008 interview with The New York Times, Schulman discussed the formative experiences of his youth, including the influence of martial arts on his personal development and leadership philosophy. He became deeply involved in martial arts practice, an interest that he would carry into his adult life and that he credited with teaching him discipline, focus, and resilience — qualities he later applied in the business world.

Schulman's upbringing in New Jersey left a lasting impression on him, and he maintained connections to the state throughout his career. He would later serve on the board of Rutgers University, the state university of New Jersey, reflecting his ongoing ties to the region.

Education

Schulman attended Middlebury College, a private liberal arts college in Middlebury, Vermont, where he earned a Bachelor of Arts degree. He subsequently pursued graduate studies in business, earning a Master of Business Administration (MBA) from New York University's Stern School of Business. His education combined a liberal arts foundation with advanced training in business and management, providing the academic grounding for his subsequent career across multiple industries.

Career

Early Career and Sprint

Before rising to national prominence in the technology and financial services industries, Schulman worked at AT&T early in his career. He later joined Sprint Corporation, where he served as president of Sprint's prepaid group. In this role, Schulman gained significant experience in the telecommunications sector, particularly in the growing market for prepaid wireless services, which served customers who did not qualify for or did not want traditional postpaid contracts. His work at Sprint positioned him at the forefront of efforts to expand wireless access to a broader consumer base, a theme that would recur throughout his career.

Virgin Mobile USA

Schulman served as the founding CEO of Virgin Mobile USA, a mobile virtual network operator (MVNO) that launched in the United States in partnership with Richard Branson's Virgin Group. The company offered prepaid wireless service targeted primarily at younger consumers and those underserved by traditional wireless carriers.

Under Schulman's leadership, Virgin Mobile USA grew into a significant player in the U.S. prepaid wireless market. The company differentiated itself through youth-oriented branding, innovative pricing structures, and partnerships with content providers. Virgin Mobile USA went public, listing on the New York Stock Exchange.

Schulman's success at Virgin Mobile USA earned him recognition within the wireless industry. FierceWireless named him one of the "25 Most Powerful People in Wireless," citing his role in building the Virgin Mobile brand in the United States. His tenure at Virgin Mobile USA demonstrated his ability to identify underserved market segments and build businesses around them — a capability that would later inform his leadership at PayPal.

In 2009, Rutgers Business School honored Schulman at its annual awards dinner, recognizing his accomplishments as a business leader with roots in New Jersey.

American Express

In 2010, Schulman joined American Express as group president of enterprise growth. In this role, he was responsible for the company's global strategy to expand into alternative mobile and online payment services, forge new partnerships, and develop revenue streams beyond American Express's traditional card and travel businesses.

Schulman's appointment to American Express reflected the company's recognition that the payments industry was undergoing a fundamental transformation driven by mobile technology and digital commerce. At American Express, Schulman worked to position the company for this shift, exploring partnerships and new product development that would allow American Express to compete in the digital payments space alongside emerging fintech companies. His experience at the intersection of telecommunications and consumer services made him a natural fit for leading American Express's efforts in mobile payments and digital innovation.

PayPal

Appointment and eBay Separation

In 2014, Schulman was appointed president and CEO of PayPal, joining the company ahead of its planned separation from eBay. The separation was completed in July 2015, when PayPal began trading as an independent publicly listed company on the Nasdaq stock exchange. As the leader of the newly independent PayPal, Schulman was tasked with charting a course for the company as a standalone entity in the increasingly competitive digital payments industry.

Growth and Strategy

During his tenure as CEO, Schulman oversaw significant growth at PayPal, expanding the company's user base, product offerings, and global reach. He emphasized the concept of "democratizing" financial services, arguing that technology could be used to provide affordable financial tools to people who had been excluded from the traditional banking system. Under his leadership, PayPal expanded its suite of products and services, including the growth of Venmo, PayPal's peer-to-peer payment platform popular among younger consumers.

In a 2017 interview with Business Insider, Schulman discussed his approach to leadership and the factors he attributed to his professional success, including the importance of purpose-driven leadership and his belief that companies could serve both shareholders and society simultaneously.

In a 2018 interview published in The New York Times "Corner Office" column, Schulman elaborated on his management philosophy and the challenges of leading a rapidly growing technology company in the financial services sector.

North Carolina Controversy

In April 2016, PayPal under Schulman's leadership made national headlines when the company cancelled plans to open a new global operations center in Charlotte, North Carolina, in response to the state's passage of House Bill 2 (HB2), commonly known as the "bathroom bill." The law restricted transgender individuals from using public restrooms that corresponded with their gender identity. PayPal's decision to withdraw from North Carolina, which would have created approximately 400 jobs, was among the most prominent corporate responses to the legislation.

Schulman framed the decision as consistent with PayPal's values of inclusion and equality, stating that the company could not proceed with a major investment in a state that had enacted legislation it considered discriminatory. The decision drew both praise from civil rights advocates and criticism from supporters of the North Carolina law.

Departure from PayPal

Schulman stepped down as president and CEO of PayPal in 2023, concluding a tenure of nearly nine years at the helm of the company. During his leadership, PayPal grew from a newly independent company into one of the dominant platforms in global digital payments.

Verizon

Appointment as CEO

On October 6, 2025, the Verizon Board of Directors announced that it had appointed Schulman as the company's chief executive officer, succeeding Hans Vestberg. Schulman had previously served as an independent lead director on Verizon's board. His appointment came at a time when Verizon faced increasing competitive pressure, particularly from T-Mobile, and investors were seeking new strategic direction for the company.

Restructuring and Strategic Vision

Shortly after assuming the CEO role, Schulman called for what he described as a "full reboot" of Verizon's operations and strategy. In his first major public statements as CEO, he outlined a vision for significant changes at the company, though specific details about the scope and timeline of the transformation were initially limited.

In a November 2025 message to employees, Schulman thanked Verizon staff for sharing their ideas about the work needed to strengthen the company, signaling an emphasis on internal engagement and cultural change as part of the restructuring effort.

Industry analysts noted early signs of change under Schulman's leadership. Writing in December 2025, one analyst observed that "something is starting to happen at Verizon" and expressed cautious optimism about the company's direction under its new CEO, while acknowledging that it was still early in the transition.

As part of his restructuring agenda, Schulman announced in early 2026 that Verizon would cut approximately 13,000 jobs, telling employees that the company must "evolve as a company" by slashing costs and restructuring its operations. The layoffs represented a significant reduction in Verizon's workforce and signaled the scale of the transformation Schulman was pursuing. Schulman's approach at Verizon also included customer retention strategies, such as offering device incentives to lock in subscribers to longer-term agreements.

In January 2026, Schulman participated in the World Economic Forum at Davos, where he joined other business leaders in discussing the impact of artificial intelligence on the global workforce and the need for coordinated policy responses to manage the technology's effects on employment.

Personal Life

Schulman has two children. He has spoken publicly about his interest in martial arts, which he has practiced since youth. In a 2008 profile in The New York Times, he discussed the influence of martial arts on his approach to business leadership, describing how the discipline and mental focus required in martial arts training informed his decision-making and management style.

Schulman has served on several nonprofit boards, including the board of directors of Autism Speaks, an organization focused on advocacy and support for individuals with autism spectrum disorder. He has also served on the board of Rutgers University. Additionally, he served on the board of Symantec, the cybersecurity company.

Recognition

Schulman has received several notable awards and honors over the course of his career. In 2017, Fortune magazine named him its Businessperson of the Year, recognizing his leadership of PayPal during a period of strong growth and the company's expanding role in global digital payments.

Schulman received the Financial Health Visionary Award from the Center for Financial Services Innovation (CFSI), which recognized his efforts to use financial technology to improve the financial health of underserved consumers.

He was also recognized by the Council for Economic Education through its Visionary Award program, which honors individuals who have made significant contributions to economic and financial literacy.

During his time at Virgin Mobile USA, FierceWireless included Schulman on its list of the "25 Most Powerful People in Wireless," recognizing his role in building one of the most successful MVNOs in the United States.

In 2018, Schulman was selected as the commencement speaker for Rutgers University's 252nd anniversary commencement ceremony, reflecting both his professional accomplishments and his connections to New Jersey.

Legacy

Schulman's career has spanned three distinct but interconnected industries — telecommunications, financial services, and financial technology — with a recurring focus on expanding access to services for populations underserved by incumbent providers. At Virgin Mobile USA, he helped build a business model that brought wireless service to younger and lower-income consumers through prepaid plans at a time when the major carriers focused primarily on postpaid subscribers. At American Express, he worked to extend the company's reach into digital and mobile payments. At PayPal, he led the company through its transition to independence and oversaw its growth into a platform used by hundreds of millions of consumers and merchants globally.

His decision to withdraw PayPal's planned expansion in North Carolina in response to HB2 was one of the most high-profile examples of corporate activism on LGBT rights during the 2010s and contributed to the broader business community's response to the legislation.

Schulman's transition to Verizon in 2025 represented a return to the telecommunications industry where he began his career. His appointment was viewed by industry observers as a signal that Verizon's board sought a leader with experience in digital transformation and consumer-facing technology businesses to guide the company through a period of intensifying competition and technological change in the wireless industry.